As a home owner you can sell your Shared Ownership home like any other home. However, there are restrictions on the sale of these properties if you haven’t staircased to 100% ownership. This is to ensure the properties remain available to people in need of affordable housing. There is a procedure to be followed when selling your Shared Ownership home, which will be set out in your lease.
Your lease will explain the procedure to be followed when selling your home. This will include advising your Housing Association that you wish to sell. The Housing Association will require a RICS red book valuation to be undertaken to determine the market value of your home, the cost of the valuation payable by you. Upon receipt of the valuation you will be sent a copy of the valuation report and if happy you can instruct the Housing Association to sell your home. In most cases they will require you to transfer the lease to a buyer of their choice (a first time buyer unable to buy on the open market, someone who is in the same situation that you were when you bought your home), or they may allow you to place the property on the open market. In either case, the price will be no more than the current market value of your share in the property. The Housing Association will usually apply a charge for the resale process that is known as a nomination fee.
Shared Ownership is an affordable home scheme aimed at helping those own a property of their own, which without the scheme would likely not be possible. It is therefore for you to live in and not to profit from letting it out. Whilst you do not own 100% of your home you will be unable to sublet it under the restrictions of your lease. However, once you have staircased to 100% ownership there is usually no restriction on subletting your property. Be sure to check your lease and speak with your Housing Association to confirm this.